TransCanada Re-submit their Keystone XL Permit Application

In January Obama decided to reject TransCanada’s application for a permit to build the Keystone XL pipeline to transport crude from the oil sands in Alberta, Canada to refineries in the United States. His administration declared that the deadline of February 21, by which they had to make the decision, did not give them enough time to appropriately evaluate the pipelines impact.On Friday the State Department announced that TransCanada has re-submitted its application, and that they must now determine whether approving the new routes will be…Read more...

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A new front may soon open in the battle over pipelines that transport Canadian oil to the U.S.
And this one involves a line that would carry even more oil derived from Alberta’s tar sands than TransCanada Corp.’s proposed Keystone XL, a project that has inflamed environmentalists who say it would exacerbate climate change.
The public doesn’t seem to have the same sort of attention for pipeline expansions as they do for pipeline construction. But we’re talking about a lot of crude

The small town of Superior, Wisconsin may emerge as an unlikely American maritime hub for Canadian crude if plans to transport Alberta oil sands oil across the Great Lakes come to pass.
There are many hurdles to cross. The first is a proposal to repair a shipping dock on Lake Superior that would set the stage for the construction of an oil terminal feeding refineries in and around the Great Lakes.

Prime Minister Stephen Harper said Canada is pressing the U.S. on every diplomatic level to approve TransCanada Corp.’s Keystone XL pipeline.
“We are doing that at every level of the government and in coordination with the province of Alberta and others,” Harper said at an even in Calgary. “We really do have a Team Canada approach to this.”

CALGARY — Heavy Canadian crude slumped to its lowest level in at least a decade on Wednesday after Enbridge Inc closed two of its main pipelines in the United States because of a leak, piling fresh misery on Canadian oil companies that are close to producing at a loss.
Western Canada Select heavy blend crude for September delivery last traded at $20.75 per barrel below the West Texas Intermediate benchmark, according to Shorcan Energy brokers, having settled at $19.80 per barrel below on Tuesday.

A two-decade old trade accord could let TransCanada Corp. recoup some of the US$2.4 billion spent on its Keystone XL project, even if President Barack Obama rejects the pipeline.
A provision in the North American Free Trade Agreement would let the Canadian company file a claim against the U.S., accusing the government of discrimination. While trade specialists say a successful challenge would be a long shot, a Nafta tribunal could award damages for costs as well as lost profit.

CALGARY — TransCanada Corp. says it had a $458-million profit in the fourth quarter, a 9% increase from last year, and its quarterly dividend will be going up 8% to 52 cents per common share.
The Calgary-based company — which has been pushing to get U.S. approval of the Keystone XL pipeline from Alberta to Texas — is now estimating the project’s total cost will be US$8 billion, including US$2.4 billion that had been spent as of the end of 2014.

CALGARY — TransCanada Corp. plans to spend $900-million on a new pipeline connecting two Alberta oil hubs as well as a 1.9-million-barrel terminal in an industrial area north of Edmonton.
The Heartland pipeline will run 200 kilometres between the Edmonton region and Hardisty, Alta., the start point of its Keystone system. It could ultimately transport 900,000 barrels of crude per day.

A top risk-management analyst warned on Friday that a decision by Washington on TransCanada Corp’s Keystone XL pipeline could get delayed again into next summer, adding more pressure to already deeply discounted Canadian oil prices.
The U.S. State Department has said it will rule on the $5.3 billion Canada-to-Nebraska pipeline by the end of March, assuming Nebraska approves a new route that skirts an environmentally sensitive region in the state.

CALGARY — TransCanada Corp. is expecting a “material” jump in costs for its Keystone XL pipeline from Alberta to the U.S. Midwest and says shippers will likely end up footing the bill.
The Calgary-based pipeline and power giant on Wednesday began flowing commercial volumes of primarily U.S. light crude through the project’s $2.3-billion southern leg, opening what company officials billed as the first direct link to the Gulf Coast refining corridor from the Midwest storage hub of Cushing, Okla.

Heavy oil from Alberta will be developed with or without the proposed Keystone XL pipeline, though the fuel will be delivered to market using less efficient means, Canada’s ambassador to the U.S. said.
Speaking at a Bloomberg Government breakfast in Washington Wednesday, Gary Doer said he supported the U.S. State Department’s finding in March that blocking the TransCanada Corp. pipeline won’t stop production of bitumen, a type of heavy crude oil, in the oil sands of the Canadian province.